Elon Musk Tweet Sends New Baby Doge Coin Soaring — Meme Token’s Daily Gains Jump 228%

While dogecoin and the ERC20 token shiba inu have surprised the masses with phenomenal gains this year, another dog token has entered the fray. A coin project called “Baby Doge” has risen 228.3% during the last 24 hours and even more so after Tesla’s CEO Elon Musk tweeted about the crypto asset.

Another Canine Crypto Coin Sees Its Value Surge

Just when you thought there were plenty of dog meme tokens flooding the market, another canine coin has broken free from the kennel. A new token called baby doge (BABYDOGE) has been the talk of the crypto community the last few days, and Elon Musk decided to tweet about the token on Thursday. Musk’s tweet wasn’t very coherent and he simply said:

Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.

Of course, Musk’s tweet sent the baby doge token skyrocketing as the digital currency has risen 228.3% over the last 24 hours. Seven-day stats against the U.S. dollar show baby doge is up 53% this week, and across the last two weeks the coin has jumped 716.9%.

Elon Musk Tweet Sends New Baby Doge Coin Soaring — Meme Token's Daily Gains Jump 228%
Baby doge has a “woof paper,” an audit, and other documentation concerning this coin.

Information about baby doge can be found on the Binance Smart Chain (BSC) token tracker bscscan.com and the crypto asset has a website called babydogecoin.com.

“Baby Doge Coin has learned a few tricks and lessons from his meme father, Doge,” the web portal says. “A new crypto birthed by fans [and] members of the Dogecoin online community. Baby Doge seeks to impress his father by showing his new improved transaction speeds [and] adorableness,” the website adds. Furthermore, the website notes:

[Baby doge] is Hyper-deflationary with an integrated smart staking system built in to reward you, so more baby doge coins are being automatically added to your wallet each transaction. Simply Love, pet, and watch your baby doge grow.

How Does Baby Doge Compare to the Dogefather and Sibling Shiba Inu?

The dog meme token may be somewhat deflationary by its design as holders of baby doge earn them simply by holding. “Watch the amount of baby doge grow in your wallet as all holders automatically receive a 5% fee from every transaction that happens on the Baby Doge network,” the web portal details.

However, there is an abundant supply of baby doge as bscscan.com and other coin market cap aggregation sites show there are four hundred twenty quadrillion baby doge. That’s very different from the Bitcoin (BTC) network’s max supply of 21 million.

Elon Musk Tweet Sends New Baby Doge Coin Soaring — Meme Token's Daily Gains Jump 228%
A chart created by the Baby Doge development team shows the differences between DOGE and SHIB.

The coin trades today for less than a U.S. penny at $0.000000001910 per baby doge. It touched an all-time high (ATH) recently, at $0.000000002014 and it’s only down 5% from the ATH. Similar to the shiba inu (SHIB) coin, it’s got a ways to go before it reaches a U.S. penny in value.

SHIB, on the other hand, is much closer than baby doge, at $0.00000839 per SHIB token. The circulating supply of SHIB is a lot less too, with only four hundred ninety-seven trillion SHIB in circulation today.

The one thing baby doge (BABY DOGE) has that outshines its father dogecoin (DOGE) and its sibling shiba inu (SHIB) is lower transaction fees. SHIB, for example, is an ERC20 token and is forced to deal with fees associated with Ethereum, while dogecoin costs over 2 DOGE to send as the average transaction fee on Thursday is around $0.491 per transaction.

Transacting with BSC and baby doge gives users fees as low as 1 gwei (an Ethereum gas measurement), or around 0.000000001 BNB. There’s no fee data on the baby doge token, but a transaction should cost less than a U.S. penny.

What do you think about the Baby Doge project and the coin’s rise this week? Let us know what you think about this subject in the comments section below.

Source: Bitcoinnews.com

US senator advises buying Bitcoin for retirement

Bitcoin has taken a beating lately, but it’s still getting plugged by crypto evangelists — including a US Senator.

On Tuesday, US Sen. Cynthia Lummis, a Republican from Wyoming, said she encourages investors to buy Bitcoin as a way to help them diversify their retirement holdings.

“For me, I see bitcoin as a great store of value,” Lummis said at the CNBC Financial Advisor Summit. “I buy bitcoin and I hold bitcoin.”

Lummis was quick to add, “I don’t want everybody putting all their money in Bitcoin just like I don’t want everybody putting it in dollars and putting it under a mattress.”

The senator has taken a bullish approach to Bitcoin and has even pushed for the Federal Reserve to create its own digital currency to serve as a check against inflation.

She’s also partnered with Senator Kyrsten Sinema to create the Financial Innovation Caucus.

In a statement to The Post an aide said…

Continue reading at NYPOST.com

 

Bitcoin price pierces $35,000, ETF race heats up

Bitcoin prices rose for the second straight day in part due to news Morgan Stanley bought 28,289 shares of Grayscale Bitcoin Trust through its Europe Opportunity Fund, according to a Securities and Exchange Filing.

Additionally, noted stock picker Cathie Wood’s ARK Invest is entering the Bitcoin ETF race, filing with the SEC, which is currently sitting on several other similar filings from VanEck and WisdomTree.

Tuesday, the cryptocurrency was at $35,130.

Investors shrugged off the UK’s Financial Conduct Authority (FCA) notice, dated June 25, saying Binance Markets Ltd, Binance’s only regulated UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities… with immediate effect,” Reuters reported.

Also on Tuesday, ICAP said it will launch a…

Continue reading at FOXBUSINESS.com

 

Tom Brady jokingly takes blame for bitcoin tumble

Tom Brady has found himself at the center of a new “deflategate” scandal.

Crypto-crazy social media users are cheekily accusing the seven-time Super Bowl champion, who publicly embraced bitcoin in May, of deflating the digital currency — as the price of bitcoin has fallen substantially since he announced his support.

The former New England Patriots quarterback, 43, edited his Twitter profile picture last month to include red laser eyes, a symbol adopted by bitcoin buffs to show their enthusiasm for the cryptocurrency.

But since then, the price of bitcoin has fallen almost 40 percent — from over $56,000 on the day Brady changed his picture to just over $34,600 on Monday, according to data from Coinbase.

Brady himself even got in on the joke and took the blame.

“Alright the laser eyes didn’t work. Anyone have any ideas?” Brady said in response to a tweet from Jason Yanowitz, co-founder of digital asset media company Blockworks, who told the NFL icon to back off.

In reality, factors beyond Brady’s opinion have caused bitcoin to tumble from its all-time high of almost $65,000 in April, including regulatory scrutiny from governments worldwide and questions about…

Continue reading at NYPOST.com

 

Elon Musk says he will debate Jack Dorsey about bitcoin, after criticizing the token’s energy use

Elon Musk on Friday appeared to agree to an invitation to talk to crypto bull Jack Dorsey about the Tesla boss’s recent criticisms of bitcoin.

Musk, who has criticized bitcoin’s “insane” energy use, trolled Dorsey about the token on Thursday night. The Twitter and Square boss wrote a tweet plugging the “B Word” conference. Musk suggested the B stood for “bicurious,” before saying: “Oh right … Bitcoin haha.”

Dorsey responded: “Let’s you and I have a conversation at the event. You can share all your curiosities.” He added: “Let’s have THE talk.”

Musk eventually replied: “For the Bitcurious? Very well then, let’s do it.”

It’s unclear whether or not Musk will end up appearing at July’s B Word conference, which aims to “demystify bitcoin” and will also feature ARK Invest boss Cathie Wood. Yet bitcoin enthusiasts might relish the chance to see Dorsey quiz Musk.

The Tesla CEO – and his Twitter account – has been one of the key drivers of the 2021 crypto boom. But he has angered bitcoin fans recently, and contributed to the plunge in the cryptocurrency’s price, by halting payments to Tesla in the token because of its “insane” energy use.

He has said he will resume Tesla payments in bitcoin once the network uses more green energy, but has said he sees little evidence of that so far.

Musk also appeared to renew his support for meme cryptocurrency dogecoin on Thursday night.

Billy Markus, one of the founders of dogecoin, tweeted that “$DOGE is at its best when it’s funny.” He said: “When people get too serious or militant about it, for me, that ruins its charm. Keep $DOGE fun and absurd.”

Musk appeared to give his seal of approval to the message, tweeting an…

Continue reading at BUSINESSINSIDER.com

 

South African brothers disappear with $2.3B in bitcoin in alleged heist

The cryptocurrency investment company in Cape Town, South Africa – Africrypt – allegedly stole nearly 70,000 bitcoins. The two brothers Ameer and Raees Cajee, who are the founders of the firm, have disappeared.

The Biggest Crypto Scam in South Africa

Bloomberg reported that the customers of the South African trading venue – Africrypt – became victims of a major bitcoin scam, in which 69,000 coins mysteriously vanished. With today’s prices, this substantial amount is worth about $2.3 billion.

The first signs of the fraud emerged in mid-April when the dollar value of bitcoin reached its ATH and traded at about $65,000. At the same time, 69,000 coins suddenly disappeared from the platform. However, one of the founders – Ameer Cajee – told the users that the company was a victim of a hack.

He went further, asking the customers not to report the incident to authorities or lawyers as it would slow down finding the missing assets.

Some of the investors, though, were skeptical about Cajee’s hack version and started investigating the case with the help of the law firm Hanekom Attorneys. The company commented shortly after:

”We were immediately suspicious as the announcement implored investors not to take legal action. Africrypt employees lost access to the back-end platforms seven days before the alleged hack.”

During the investigation, Hanekom Attorneys found out that the missing amount of BTC was transferred from its South African client wallets to other large bitcoin pools. The operation made them basically untraceable.

At the time of this writing, the location of the two brothers is still unknown, while the website of Africrypt is down.

Where Else Have Such Scams Occurred?

The bitcoin scam in Cape Town much reminds of the one with the Turkish crypto exchange Thodex a few months ago. As CryptoPotato reported, nearly 400,000 users of the trading venue were left out of their accounts without being able to withdraw their funds.

Furthermore, the platform’s website was down for several days, while local officials suggested its CEO – Faruk Fatih Özer – had already fled the country with up to $2 billion in digital assets.

The Turkish authorities took the Thodex affair very seriously and immediately started investigating it. At the beginning of May, they reported that six suspects connected to the fraud would be sent to prison. Interestingly, two of them were the brother and the sister of the company’s CEO.

Faruk Özer might be still at large, but the Interior Minister of Turkey Suleyman Soylu assured that the officials are putting great efforts into catching him too as they search for him in four different countries:

”When he is caught with the red notice, we have extradition arrangements with a large part of these countries. God willing he will be caught and he will be returned.”

Source: Crypto Potato

As crypto crash wipes out $1.3 trillion, here’s what some pros advise about buying bitcoin, dogecoin, other assets

What’s an investor to do as crypto enters a new stage in 2021? Free fall ?

Highlighted by declines in everything from dogecoin DOGEUSD, 18.50% to Ether ETHUSD, 2.63%, crypto values are collapsing, if not crashing, wiping out more than $1 trillion in value since a peak for the digital-asset complex in May.

COINMARKETCAP.COM

Indeed, the world’s No. 1 crypto, bitcoin BTCUSD, +2.19%, was on the verge of erasing its year-to-date gains on Tuesday, after briefly slipping below a psychologically important level at $30,000. At last check, bitcoin was changing hands at $31,005,61, after hitting a 24-hour low of $28,814.75, which marked its lowest level since around January this year. Bitcoin is nursing a year-to-date gain of under 4% after boasting a gain earlier in the year of over 100%.

Here’s what some crypto and investing professionals are advising against that backdrop.

Iqbal Gandham vice president of transactions at Ledger said that a pullback in crypto was inevitable, given the run-up.

“ Any asset class which sees a meteoric rise in the same way as we have seen in crypto is expected to correct,” he wrote, in emailed remarks.

He said that China’s intensified crackdown on crypto, including bans on mining and trading, has only amplified the downside.

That said, he believes that “the underlying fundamentals of the crypto-asset world have not changed.”

Sean Rooney, head of research at crypto asset manager Valkyrie Investments said that the ban on crypto activities in the People’s Republic has forced mining operations to shift to other areas outside of China, which was one of the most active areas of bitcoin mining, and that may take a while to resolve itself.

“Recent regulations in China have forced many Bitcoin miners to pack up and look for alternate locations,” he wrote.

He says that the decline in crypto could be lengthy and pronounced.

“The drop from a high of almost $65,000 is now down well over 50%, signaling that Bitcoin traders could find themselves in choppy waters for weeks to come,” Rooney wrote.

Nick Mancini, research analyst at crypto sentiment analytics provider Trade The Chain, said that at least part of the decline in prices for bitcoin is due to mining operations being forced to sell their stock of bitcoin to offset the cost of closures.

“The market is currently being inundated with supply as Chinese miners have been selling their crypto to cover the cost of shuttering operations,” he explained. “This is having a negative impact on all prices, with altcoins being the most impacted,” the analyst added.

Mancini said that savvy investors “may want to watch Bitcoin for increased order book interest in the $20,000 range,” suggesting that it could fall to that level, signaling a possible reversal is at hand, however.

To be sure, there is no one-size-fits-all model for investing in crypto and buying is dependent on investors’ tolerance to losses and their long-term perspective, strategists note.

Nicholas Cawley at DailyFX wrote that these downturns aren’t uncommon in crypto but said that recent investors may be more inclined to hold on for an uptrend, given the recent crypto price collapse.

“We have seen these moves before, and will likely see them again. If you believe in cryptos, and are a holder, your exit strategy has just been pushed further into the distance,” he wrote.

Crypto watchers have said that the sector tends to operate in…

Continue reading at MARKETWATCH.COM

 

Bitcoin Prices Bounce Back After Falling Below $30,000, Climbing 15%

The Bitcoin rollercoaster continues after dropping a precipitous 14% from today’s high of $33,250 to reach as low as $28,600. After hitting the low, the cryptocurrency quickly rebounded back above $32,000 liquidating a huge amount of long then short positions.

Yesterday, it seemed like the critical support of $31.7K is holding, however, earlier today Bitcoin violently broke the ascending trend line (started forming on May 19), losing the $30k support, but, as of now, the price bounced sharply back above.

So far, the past 7 days have been a nightmare for Bitcoin, as the primary cryptocurrency touched $41.3K just last Tuesday. Keeping in mind today’s current low of $28.6K, the price dropped over 30%, before slightly recovering. $28,600 is a 5-month low for Bitcoin. The last time it was trading below $30K was during January 2021.

Moving forwards, Bitcoin is still in danger, however, two things might light a bit of positiveness on the market:

– The fact that Bitcoin price quickly rebounded over $4k after plunging below $30k shows that there is very strong demand, especially below $30k.

– The consolidation zone between $30k and $42k, which lasted since May 19, is still intact.

Despite the above, the situation is very fragile, as volatility is expected to continue for the next few days at least.

In addition, the bounce allowed Bitcoin to remain inside the descending price channel as shown on the short-term chart below and buyers defended $31,185 support, and the candle did not close beneath it.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $31,700, $31K, $30,000, $28,600, $27,740.

Key Resistance Levels: $32,465, $33,520, $34,760, $36,440, $37,500.

Looking ahead, the first support now lies at $31,700 (yesterday’s low and the ascending trend-line). This is followed by ~$31k – $31,185 (downside 1.618 Fib Extension), $30,000, and $28,600 (today’s low). Additional support lies at $27,740 (Jan 2021 lows), $26,840 (downside 1.414 Fib Extension), and $25,000.

On the other side, the first resistance lies at $32,465. This is followed by $33,520, $34,760, $36,440 (20-day MA), $37,500, and $39,490 (early-June highs).

The daily RSI is well within the bearish territory and is still not yet oversold. It is starting to push higher, which indicates that the bearish momentum might be easing up a little. Aside from that, a bullish divergence signal has also appeared on the LTF charts, such as the 4-hour’s.

Bitstamp BTC/USD Daily Chart

btcusd-4hr-jun22
BTC/USD 4-Hour Chart. Source: TradingView.

Bitstamp BTC/USD 4-Hour Chart

btcusd-jun22
BTC/USD Daily Chart. Source: TradingView.

Source: Crypto Potato

Bitcoin sinks to two-week low as China intensifies crypto mining crackdown

Bitcoin and other cryptocurrencies are taking a beating on Monday after China renewed its crackdown.

The world’s largest digital currency by market cap fell to the $32,000 level in choppy trading after the People’s Bank of China told financial institutions to stop processing transactions in the space. Etherem, Dogecoin and XRP also tumbled in sympathy.

Courtesy: Coindesk

Stocks and exchange-traded funds related to cryptos were also under pressure.

Ticker Security Last Change Change %
MSTR MICROSTRATEGY, INC. 583.56 -62.90 -9.73%
COIN COINBASE GLOBAL, INC. 222.66 -6.63 -2.89%
BITQ EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E 21.95 -0.89 -3.90%

This is the third time in recent weeks China has rocked the market with a negative tone toward cryptos.

Last month, Vice Premier Liu He promised to “prevent and control financial risks” to the country’s monetary system.

We will “focus on reducing credit risks, strengthen the supervision of platform enterprises’ financial activities, crackdown on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field,” he said, according to remarks reviewed by FOX Business.

This followed China’s Banking Association, which delivered a…

Continue reading at FOXBUSINESS.com

 

Why Dogecoin Just Slid by 6%

What happened

Dogecoin (CRYPTO:DOGE) was in the doghouse Friday morning. As of 10:40 a.m. EDT, Elon Musk’s favorite cryptocurrency had dropped by 6.2% from Thursday’s value, and folks looking for a reason why might want to turn their attention to Fred Ehrsam.

In an interview Wednesday on Bloomberg TV, Ehrsam, the co-founder of cryptocurrency trading platform Coinbase (NASDAQ:COIN), delivered this prediction: “90% of NFTs produced … will have little to no value in three to five years.”

So what

Now it’s crucial to point out: Despite the fact that both are reliant on blockchain technology, NFTs — non-fungible tokens, which are used to certify the ownership of digital assets — are entirely different from cryptocurrencies. But both NFTs and crypto are relatively new technologies, and the distinctions may get a bit fuzzy in many traders’ minds…

Continue Reading at THE MOTLEY FOOL